Sea Dragon Grants Stock Options
July 29, 2008 CALGARY, ALBERTA -- Sea Dragon Energy Inc. ("Sea Dragon" or the "Company") (TSX VENTURE:SDX) today announced that on July 28, 2008 it granted options to purchase 4,700,000 common shares of the Company to directors, officers and consultants of the Company, subject to regulatory approval. The stock options were granted pursuant to the terms of Sea Dragon's stock option plan and are exercisable at a price of $0.60 per share for a period of five years.
Sea Dragon is an international exploration and development company with oil and gas interests in the Gulf of Suez, Egypt. The Company holds a 75% working interest in the East Wadi Araba Concession ("EWA Concession") pursuant to the deed of assignment awarded by the Arab Republic of Egypt and Egyptian General Petroleum Corporation for the purposes of the exploration and exploitation of petroleum. The EWA Concession covers 193 square kilometres, or approximately 47,691 acres (37,768 net acres), located in mainly shallow water off-shore in the Gulf of Suez, Egypt.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading Risk Factors and elsewhere in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and expect as may be required by applicable securities laws.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy common shares of the Company in any jurisdiction. This news release may contain forward-looking statements concerning the anticipated performance of the Company. Forward-looking statements are based on the estimates and opinions of management at the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if conditions or opinions should change. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Sea Dragon Energy Inc.
President, CEO and Director
Brisco Capital Partners Corp.